The Federal Government has recorded a major surge in revenue from the solid minerals sector, with earnings projected to surpass ₦70 billion by the end of 2025, reflecting the impact of sweeping reforms introduced by the Ministry of Solid Minerals Development.
This was disclosed by Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dr. Dele Alake, who said the sector has witnessed a dramatic turnaround after years of underperformance.
According to Tomori, revenue from solid minerals stood at ₦16 billion in 2023 before climbing to ₦38 billion in 2024. The figure is now expected to more than double in 2025, hitting over ₦70 billion — a growth he described as unprecedented in the history of the ministry.
He attributed the leap to the implementation of the minister’s seven-point agenda, which prioritises transparency, regulatory reforms, improved investor confidence, security of mining operations and strong emphasis on local value addition.
As part of the clean-up exercise, the ministry revoked 1,633 mining licences in late 2023 due to non-payment of statutory service fees. In early 2024, an additional 924 dormant licences were withdrawn to free up space for credible investors ready to actively develop mining assets.
To strengthen community participation and reduce conflict, the ministry also reviewed the guidelines for Community Development Agreements, making host community consent a prerequisite for the issuance of new mining licences.
Illegal mining, long identified as a major drain on government revenue, was tackled through the deployment of mining marshals in 2024. Within one year of operations, the task force arrested more than 300 illegal miners, with about 150 currently facing prosecution, while 98 illegal mining sites were successfully recovered.
Tomori further revealed that the ministry plans to roll out nationwide satellite surveillance of mining locations in 2026 to enhance monitoring and enforcement across the sector.
On the continental front, Nigeria’s renewed push for value addition in Africa’s extractive industry has culminated in the establishment of the Africa Minerals Strategy Group, which elected Dr. Alake as its pioneer chairman.
Despite the remarkable revenue growth, Tomori noted that the figures still represent only a fraction of the sector’s enormous potential. He said the ministry intends to consolidate reforms in 2026 with the goal of making solid minerals a major pillar of Nigeria’s Gross Domestic Product.
Addressing long-standing disputes between federal and state governments over control of mining activities, Tomori said the minister introduced a cooperative federalism model that encourages states to obtain mining licences and operate through incorporated companies. This framework has already produced joint venture investments in Nasarawa, Kaduna, Oyo states and the Federal Capital Territory.
He added that the sector is beginning to witness tangible industrial expansion, with lithium processing plants springing up across the country, plans underway for a $400 million rare-earth metals facility, and about $1.5 billion in foreign direct investment attracted since 2023.
